hhgregg Profit Surges

hhgregg Wednesday reported a profit of $53.6 million for the fourth fiscal quarter, representing a big jump over the $14.6 million figure the same time last year.

The result was largely attributable to the company collecting just under $40 million on a “key man” life insurance policy for former CEO Jerry Throgmartin, who died in January.

“Our fourth quarter results were driven by solid market share gains in the appliance and home office categories, offset by continued headwinds in the video category,” CEO Dennis May said as part of the announcement. “Through the launch of a number of strategic initiatives earlier this year, we continue to strengthen our positioning in appliances, expand our assortments in home office products and build our mobile business.”